Stock markets wipe out early gains, Sensex plummets 204 points

Mumbai (Maharashtra) [India], May 15 (ANI): Equity markets resumed their downward momentum with a huge selloff in the closing hour of trade on Wednesday.

The SP BSE Sensex was down 204 points and closed at 37,115 while the Nifty 50 shed 65 points to wind up at 11,157.

Except for IT and realty, all sectoral indices at the National Stock Exchange were in the negative zone. The Nifty Media was down 3.7 per cent, metal 2.1 per cent, PSU bank 1.8 per cent and auto 1.2 per cent.

Jet Airways slipped to Rs 123.70 per share, down over 4 per cent, after four top executives resigned a day earlier.

On the other hand, SpiceJet gained 7.6 per cent and traded at Rs 131.15 when the closing bell rang. InterGlobe Aviation, the parent company of low-cost carrier IndiGo, was also up 2.9 per cent at Rs 1,608.55.

Shares of Yes Bank nosedived by 8.6 per cent and IndusInd Bank by 4 per cent.

Tata Motors was down 7.5 per cent, Zee Entertainment 6.8 per cent, JSW Steel 5 per cent and IndusInd Bank 4 per cent -- indicating a buildup of heavy short positions.

Among other gainers, however, were Bajaj Finance, Bajaj Finserv, Eicher Motors and Indian Oil Corporation.

Meanwhile, shares in Asia were led by strong gains in Chinese equities which rebounded after two days of losses.

Asian stocks moved up after US President Donald Trump's statement that he expected trade negotiations with China to be successful. Reports also said that Beijing could release more economic stimulus to escalate growth. (ANI)